Gold Could Test Last Year's Lows: Peter Hug

Peter Hug joins Kitco News in the latest edition of For Pete's Sake! as gold takes a hit Tuesday. After Durable Goods and Consumer Confidence both met and exceeded expectations, Hug saw gold crash through initial support of $1,277 to test the $1262 support level. Hug says that the $1,262 level, in his opinion, "is the hold Maginot Line for gold, we lose that we may see the lows of last year." Hug also comments on the Ukraine elections and its effect on gold, saying "there was probably a $20 risk premium built into the Ukraine situation...the fact the election is now over, sort of a 'buy the rumor, sell the fact' took some of the risk premium out of the market." He adds that Europe is concerning after EU Parliamentary elections Sunday "as there's a growing sentiment in Europe to disassemble the euro, and leave the EU." Tune in to hear Hug's key range for gold. Kitco News, May 27, 2014.